Are you planning on modifying your existing health insurance plan? Top-up health insurance is an excellent way of ensuring additional protection for yourself. But before you jump to decisions, you must know the advantages and disadvantages of top-up health insurance plans.
Advantages and Disadvantages of Top-up Health Insurance Plans
Top-up plans are a great addition to the principal health insurance plan you may already possess. Here are the advantages of getting a top-up on your health insurance plan:
- Lower Premiums: Since they are not comprehensive, top-up plans are cheaper in terms of the premium than regular health insurance plans with a better sum insured. However, they only come into play after the limitations of your existing plan have been exceeded.
- A Solid Base: This is an indispensable option if you have a health insurance plan with a reasonable sum insured and are looking for additional cover for those potentially astronomical medical bills.
- Future Planning: Top-up plans are affordable and can be utilised to the best of their ability whenever a higher degree of coverage is required.
Every coin has two sides, and so do top-ups. Here are the disadvantages of top-up health insurance:
- No Base, No Boost: Bear in mind that if you do not have a health insurance plan, a top-up plan has no base to be implemented upon.
- Not for Immediate Needs: Top-ups work only as complementary elements for your existing plan. Therefore, if you want a more convenient and quick plan, a typical health plan is more suitable.
Conclusion
If you wish to insure your health without spending a fortune, acquiring top-ups on your existing health insurance plan is a wise choice. However, most top-up options are best utilised when you already have a good base health insurance plan. Consider all the components before selecting the best deal.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.